AbstractThe magnetic jack type control rod drive mechanism (CRDM) is the key actuator in the nuclear power plant reactor. The latch assembly of the CRDM acts as the execution component to lift, insert, and release the control rod assembly to accomplish the reactor startup, power regulation, and shutdown, etc. The accuracy and the timeliness of CRDM latch assembly action will directly determine the safety operation of the reactor. Considering the time variation of the structural strength deterioration in the latch assembly, the time‐dependent reliability of CRDM's lift action is evaluated based on the Gamma degradation process. P‐S‐N curve is introduced to model the shape function and the scale parameter of the Gamma process. The stress subjected to the key structure of the latch assembly is calculated by a multi‐physics field coupling simulation scheme with utilization of MATLAB to transfer simulated results between the ANSYS and ADAMS software. Finally, the time‐dependent reliability is calculated based on the Monte Carlo simulation method. In this paper, the lift pole thread of the assembly is presented to demonstrate the effectiveness of the proposed method.